BERLIN (Reuters) – German carmaker Porsche weathered the prevailing economic crisis on Thursday, ending Europe’s biggest stock market rally in more than a decade.
Porsche shares reached 84 euros on the Frankfurt Stock Exchange, compared with 82.50 euros in early trading. The total financial value of the company when its shares were sold on the stock exchange was around 76,000 million euros.
Volkswagen and Porsche CEO Oliver Blum called the company’s IPO on the Frankfurt Stock Exchange today a “historic moment”.
While observers expect Porsche’s listing to boost the auto market amid the current economic crisis, German investment bank Berenberg said the listing could “give a boost to an industry that lacks positive surprises”.
Porsche’s initial public offering has already attracted interest from major investors, including sovereign wealth funds in Qatar and Abu Dhabi, sovereign wealth fund of Norway and US asset manager TRUE Price.
Source: EuroNews
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